he's having this press conference before he takes the first family up to martha's vineyard for a week-long vacation. all those terror alerts and security situations will haunt that vacation. as will the destabilized situation in egypt. two members of the senate john mccain, and lindsey graham trying to negotiate some reconciliation, there, those efforts failed. the president monitoring that very carefully. and he'll use this press conference to again drive his retooled economic message which deemphasizes deficit reduction in the coming months with the congress and elevates job growth and wage growth. the president will try to use that message after he returns from his vacation to persuade republicans not to force the confrontation over potential shutdown or crisis over the debt ceiling. which could lead to default. >> cbs news will privilege you live coverage of the president's news conference that is scheduled for 3:00 p.m. eastern time, noon pacific, right here on cbs news. >>> yesterday, the president waved off questions about his decision to cancel a meeting with russian president vlad